Tenant

Beginner 🏠 Real Estate

Definition

A person who rents a property from a landlord and has more rights than you'd think, which landlords discover too late.

Example Usage

The tenant submitted a 30-day notice that they're moving at the end of the lease.

Origin

Old French 'tenant,' meaning one who holds or possesses

Fun Fact

Tenant rights vary dramatically by state and city—what's legal in Texas might get you sued in California.

Source: Landlord-tenant law

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appraisal gap

The painful difference between what a buyer offered and what the property actually appraised for, requiring either price renegotiation or the buyer coughing up extra cash. It's the financial buzzkill of hot markets where emotions outbid mathematics.

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fixture

Personal property that has been permanently attached to real estate and legally becomes part of the property. The eternal battleground of what stays and what goes when you sell.

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REO

Real Estate Owned—a property that reverted to a lender's ownership after a failed foreclosure auction. These are the banking industry's participation trophies, proving they're now reluctant landlords who just want their money back.

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real estate owned

Property that reverted to lender ownership after foreclosure, becoming the bank's problem instead of yours. These properties are the financial equivalent of returned merchandise.

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floor area ratio

The ratio of total building floor area to the size of the land parcel, expressed as a decimal that determines building bulk. A FAR of 2.0 means you can build twice the square footage of your lot, just stack it up.

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REIT

A Real Estate Investment Trust that lets you invest in property without ever unclogging a toilet or dealing with a tenant who thinks rent is optional. It's landlording for people who prefer spreadsheets over plungers.

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